Stocks Fall On Fed Statement; Manhattan, FactSet Drop

Stocks were down late Wednesday afternoon after Federal Reserve policymakers agreed to further trim bond purchases.

The Nasdaq, S&P 500 and the Dow Jones industrial average were each down 0.4% after being little changed for most of the session. Volume was tracking lower across the board in the stock market today.

The Federal Reserve said it will trim its monthly bond purchases by another $10 billion to $55 billion, saying the economy is strong enough to spur job growth. The central bank also said it would consider a wide range of indicators besides the jobless rate in deciding when to raise interest rates.

Manhattan Associates (MANH) dropped 8% in huge volume, coming off an all-time high. Yet the software developer remains well out of buying range following a long run up its 10-week moving average.

FactSet Research (FDS) plummeted 4% in more than double its average daily volume despite a better-than-expected 7% rise in quarterly profit to 1.34 a share. The stock is working on a long flat base with a possible 119.18 buy point.

On the upside, staffing firm Korn/Ferry International (KFY) was up 2% in above-average trade. It's extended 11% above a 26.68 buy point from a cup-without-handle base.

Stocks were down late Wednesday afternoon after Federal Reserve policymakers agreed to further trim bond purchases.

The Nasdaq, S&P 500 and the Dow Jones industrial average were each down 0.4% after being little changed for most of the session. Volume was tracking lower across the board in the stock market today.

The Federal Reserve said it will trim its monthly bond purchases by another $10 billion to $55 billion, saying the economy is strong enough to spur job growth. The central bank also said it would consider a wide range of indicators besides the jobless rate in deciding when to raise interest rates.

Manhattan Associates (MANH) dropped 8% in huge volume, coming off an all-time high. Yet the software developer remains well out of buying range following a long run up its 10-week moving average.

FactSet Research (FDS) plummeted 4% in more than double its average daily volume despite a better-than-expected 7% rise in quarterly profit to 1.34 a share. The stock is working on a long flat base with a possible 119.18 buy point.

On the upside, staffing firm Korn/Ferry International (KFY) was up 2% in above-average trade. It's extended 11% above a 26.68 buy point from a cup-without-handle base.

See Also

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03/02/2015 12:01 PM ET

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